The Department of Statistics Malaysia (DOSM) has said the country’s unemployment rate increased 4.5% in 2020 – the highest in 27 years.
The continued closure due to movement controls will inevitably lead to bankruptcy and unemployment, cautions the Malaysian Employers’ Federation.
The Malaysian Institute of Economic Research (MIER) said the local economy has the capacity to create 70,000 jobs for every 1% increase in its GDP.
Finance minister Tengku Zafrul Aziz said the government will not impose a strict lockdown as it would impact the country’s 900,000 SMEs severely.
Yayasan Peneraju said the country’s young human capital needs to be retrained and upskilled to keep up with digitalisation trends.
This will help the country manage the economy better, and help industry players affected by the pandemic, Malaysia's HR minister says.
The third phase of the country’s wage subsidy programme will receive an additional injection of RM500 million.
The government’s strategy to mitigate the effects of the pandemic should be to upskill or reskill workers instead of continuing to pay wage subsidies.
Twenty-five MPs have appealed to the government to implement six months of automatic loan moratorium to save jobs.
The Social Security Organisation (Socso) has committed to the quick implementation of the Permai financial package.
Initiatives include a one-off monetary assistance for taxi and bus drivers, and a special three-month electric bills discount for six business sectors.
The Malaysian Trades Union Congress had previously proposed emergency employment laws to be enacted to prevent businesses from retrenching workers.
Fearing that their businesses will not be able to operate at full capacity, some employers remained silent about staff testing positive for the virus.
Employers will also be responsible for medical costs and ensuring the welfare of their foreign workers.
The government is partnering international venture capital fund managers to create jobs, said Malaysia’s finance minister.
Employers or employees may now be represented by any person of their choice, excluding lawyers, during dispute processes.
Out of the six leading economies in Southeast Asia, three countries are expected to expand in 2021, while others will struggle to recover.
The order would see all foreign workers spanning all sectors to undergo mandatory screening.
The nation’s hiring incentive and training assistance programme has also helped 106,443 employees secure employment.
Eligible SMEs under the programme can obtain financing of up to RM$1 million for working capital.
The nation’s wage subsidy programme aims to help businesses affected by the COVID-19 pandemic to sustain companies and lower retrenchment.
The country’s machinery and equipment (M&E) sector, which accounts for 85% of local SMEs, needs to adopt digital solutions to stay competitive.
The country has rolled out a dedicated delivery service programme, subsidising costs for delivery bags and uniforms for delivery workers.
Out of 100,000 employees insured under Socso who have been laid off, about 31% or 30,977 have found new jobs.
Those in the management and supervisory posts in conditional movement control order (MCO) areas have been told to continue working from home.
An increase in the retirement age instead, would affect new jobseekers, says MTUC.
Prime minister Tan Sri Muhyiddin Yassin has launched MalaysiaBiz – a one-stop government portal that aims to streamline the setting up of businesses.
PM Tan Sri Muhyiddin Yassin said the country’s technology-based agencies and companies must be headed by leaders who are technical professionals.
The financing will have a tenure of up to 7 years, and a repayment moratorium of at least 6 months.
From December 1, the HR Ministry will carry out targeted COVID-19 screening for foreign workers in zones with a high occurrence of cases.